The stock market is taking it on the chin today after multiple earnings disappointed investors. DuPont saw one of the biggest drop today after reporting their earnings. DuPont saw its profit fall short of estimates and announced they will be cutting 1,500 jobs as part of a cost cutting move. DuPont shares have been down as much as 9% today. 3M reported earnings that met expectations, but revenue was a bit lighter than expected sending shares down more than 3%.
Many investors are watching Apple closely today as they are slated to unveil the much rumored iPad mini. Facebook will be watched closely as well with the social media company reporting earnings after market close today. Facebook didn’t announce any guidance, but analysts are expecting EPS of $0.11 a share on revenue of $1.23 billion.
Europe also reared its ugly head today with Spain’s economy contracting 1.7% in the third quarter, more than the 1.3% in the second quarter. Standard & Poor’s also downgraded five regions in Spain yesterday.
The major stock averages are all down more than 1% in midday trading with the Dow down 236 points, the Nasdaq down 28 points and the S&P 500 down 21 points.